Crown Petroleum history

1930: Louis Blaustein, the Russian immigrant who founded the American Oil Co. in Baltimore, acquires a 48 percent stake.

Five years later, in 1935, Crown went public, listing on the Curb Exchange, the predecessor of the American Stock Exchange.

In 1937 the Blaustein imprint became an indelible one as Crown moved its state of incorporation from Delaware to Maryland, the home state of its controlling family.

In 1943, Crown opened its first stations in the Baltimore area, marking the start of an extensive marketing campaign.

1966: Henry A. Rosenberg Jr., Blaustein's grandson, becomes president.

1969 - Refinery completes major modernization, adding Crude, Coker and Fluidized Catalyst Cracking units

1970's Crown "Multi Pump" concept.

Crown, now led by Henry A. Rosenberg, Jr., who succeeded his father as the company’s top executive in 1976, attempted a change in strategy, away from traditional refining and retail sales and toward diversification.

Finally, the DOE charged Crown with overcharging gasoline and heating oil customers by more than &Dollar;709,000 in 1978.

In March 1979 the Department of Energy (DOE) had implemented its "tilt" regulation permitting refiners to pass along increased costs in higher gasoline prices.

The merger’s life span was cut short, however, when Crown sold American Life to Provident Mutual Life Insurance Co. for $44 million. It also acquired Continental American Life Insurance Company in 1980.

In June 1982 the DOE proposed that Crown pay more than &Dollar;33 million to gasoline and heating oil customers in compensation for overcharges and other violations of federal oil price and allocation regulations.

In 1983 the company acquired two highly profitable chains, Zippy Mart and Fast Fare, comprising 642 new units, although most were furnished with obsolete pumps and needed overall refurbishing.

Along similar lines, Crown acquired 68 BP service stations in Maryland in 1986, doubling the number of outlets it owned in the state.

In 1987, concentrating on its core businesses of refining and marketing, the company sold its small but profitable crude oil and natural gas business for $166 million.

Crown also cosponsored Oldsmobile in 1988 on the NASCAR Winston Cup circuit, a series of racing events that drew 14 million fans and 165 million television spectators.

1989: Crown acquires La Gloria Oil & Gas Co., including its Texas refinery.

In June 1990 an explosion aboard the supertanker Mega Borg caused fire damage and spillage of approximately 2,000 gallons of oil into the Gulf of Mexico.

Increased production was intended to more efficiently stock the ocmpany's expanding retail chains, which grew again in 1991 as Crown acquired 48 existing retail properties in Virginia for &Dollar;21 million.

In 1992 William D. Hyler of Oppenheimer & Co. noted that the refining business was a "mess," with the "spread"--the difference between what it costs for a barrel of oil and what a refiner can get for the refined gasoline--at its lowest in 10 years.

New regulations monitored gasoline evaporation at gas pumps and gas leakage from underground storage tanks (USTs). Crown projects the cost of modifications to refinery and other operations in order to meet environmental guidelines to reach &Dollar;200 million through 1997.

May 2001: Rosenberg is succeeded by his son Frank B. Rosenberg as president and CEO.

March 2003: Frank Rosenberg resigns.

July 9, 2004: Crown announces the sale of about 150 stations in Virginia and Maryland to Petroleum Marketing Group of Millersville.

2006 - Petrobras acquires 50% of Pasadena Refining System, Inc. (PRSI) in a joint venture with Astra

Astra held full ownership for two years and joint ownership for two more years before selling its stake to Petroleo Brasileiro S.A. (Petrobras) in 2008.

Chevron United StatesA. Inc (Chevron) then acquired the refinery on May 1, 2019.